The federal government on Friday further cut the price of petrol by Rs4 per litre and that of high-speed diesel by Rs2 for the next week.
According to a press release from the Petroleum Division, the new petrol price is Rs373.78, while HSD is Rs378.78
This marks the fifth consecutive reduction in fuel prices in as many weeks.
Last week, the government reduced the price of petrol by Rs4 per litre. Before that, the government reduced the prices of petrol and diesel by Rs22 per litre, describing the move as an “Eid gift” for the public.
The latest reductions come months after a sharp surge in petroleum prices triggered by regional tensions. The United States and Israel launched attacks on Iran in February, after which Tehran retaliated with strikes and closed the Strait of Hormuz, disrupting global oil supplies and pushing up international oil prices.
As global oil prices surged, the government raised domestic fuel prices by more than 50pc. Petroleum product rates were increased twice during the first week of March, with the government stating that the hikes exceeded the increase in international market prices. The sharpest increase, however, was witnessed in April.
In April, the government raised the petrol price by Rs137 per litre, taking it to a record Rs458.4 per litre. Days later, Prime Minister Shehbaz Sharif announced an Rs80 per litre reduction in the petroleum levy on petrol, bringing its price down to Rs378 per litre.
Last month, the government again increased the prices of both petrol and high-speed diesel by Rs26.77 per litre despite no corresponding increase in international rates, after imposing an additional levy of nearly Rs27 per litre on fuel. A week later, petroleum product prices were increased once again, pushing rates close to Rs400 per litre. Subsequently, the Petroleum Division issued another notification earlier this month, raising prices by nearly Rs15 per litre.
Since then, however, the government has reduced petrol prices in successive revisions, saying the cuts were aimed at providing relief to the public and easing their financial burden.
